NEW YORK ( TheStreet) -- The following stocks sank to 52-week lows on Monday: Research In Motion (RIMM), Best Buy (BBY), Nokia (NOK - Get Report), Sohu.com (SOHU - Get Report), Clearwire (CLWR), IAMGOLD (IAG - Get Report) and Ivanhoe Mines (IVN).
Research In Motion
"Given our view around slower smartphone growth in the US, we lower our FY13/FY14 EPS estimates for RIMM by 2%/5% to $1.40/$1.38 respectively," Credit Suisse analysts wrote in a May 11 report. "Apart from near-term pressure on smartphone demand from US carriers, we see the situation at RIM continuing to deteriorate from both a competitive and product perspective. Only the potential for a sale of the company keeps us at Neutral rating."
Shares of Research In Motion hit a 52-week low on Monday of $11.55. The stock's 52-week high of $45.78 was set on May 19.Research In Motion trades at an estimated price-to-earnings ratio for next year of 6.51 times; the average for telecommunications equipment companies is 11.39. For comparison, Wi-LAN (WIN) has a higher forward P/E of 8.7. Thirty-two of the 53 analysts who cover Research In Motion rated it hold. Sixteen analysts gave the stock a sell rating and five rated it buy. The stock has fallen 18.9% year to date.
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